AutoNation Reports 2nd-Quarter F&I Revenue Growth
FORT LAUDERDALE, Fla. -- AutoNation Inc.'s second-quarter revenue for 2006 totaled $5 billion, an increase of 1 percent compared to a year ago. Finance and insurance showed a revenue growth of 8 percent.
FORT LAUDERDALE, Fla. -- AutoNation Inc.’s second-quarter revenue for 2006 totaled $5 billion, an increase of 1 percent compared to a year ago. Finance and insurance showed a revenue growth of 8 percent, while retail used vehicles grew 7 percent and service 4 percent – more than offsetting a decline in new-vehicle revenue.
Premium luxury new-vehicle revenue increased 18 percent over the prior year. Premium luxury and volume imports accounted for 61 percent of new-vehicle revenue versus 55 percent a year ago. Total gross profit for the quarter increased 4 percent. Operating income was a second-quarter record of $213 million, up 1 percent versus 2005.
Chairman and Chief Executive Officer Mike Jackson said, "While the second quarter was a challenging economic environment for new vehicle sales, we were pleased with strong growth in our premium luxury new vehicle business, our high-margin parts and service business, used vehicles and finance & insurance."
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